20-1543. Limitation on geographic concentration
89 words·~1 min read·
/az/title-20/20-1543A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A. A mortgage guaranty insurance company shall not:
1. Insure loans secured by a single risk in excess of ten per cent of the company's aggregate capital, surplus and contingency reserve.
2. Have more than twenty per cent of its total insurance in force in any one standard metropolitan statistical area, as defined by the United States department of commerce.
B. The provisions of this section shall not apply to a mortgage guaranty insurance company until it has possessed a certificate of authority in this state for three years.